The impact of implementing blockchain technology on the future of accounting records management

Abstract

The blockchain technology, or as some call it, Blockchian, represents a real revolution in the world of financial trading. However, its impact extends beyond financial trading to become a comprehensive technology that can be relied upon to create an integrated system, similar to the Internet system we are accustomed to. It operates on a peer-to-peer system, meaning transactions are conducted between users of this technology without any intermediary. It is a decentralized technology, meaning there is no central authority controlling the operations conducted through it, and no governmental entities, for example, exerting control over its processes. This implies that it is an encryption technology, where the data or money transmitted through it is anonymous.From this stemmed the research problem: Does the adoption of blockchain technology affect the future of accounting records management? The research aimed to define the concept of record-keeping under single-entry, double-entry, and triple-entry systems. The researchers concluded that implementing blockchain technology leads to increased real-time clarity, efficiency, transparency, and verifiability, thereby reducing costs. The researchers recommended the necessity of providing all the essential requirements in our local environment to work on implementing blockchain technology to keep pace with recent technological advancements.